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How do we contribute to a more sustainable economy in the society?

I feel very proud when I think about the fact that Enento Group have contributed to a sustainable economy in ​ society for more than 100 years. Before Enento Group was established in 1905, no efficient way to handle responsible lending or preventing over indebtedness existed. 

Ever since, our passion is to be at the forefront in developing new data-driven solutions that power society with intelligence. ​We make sure that all the important financial decisions in peoples’ everyday life, like buying a home or growing a business, can be based on trusted data.

What do we do?

We help borrowers get access to credits, we support consumers and entrepreneurs with credit information and payment defaults, we also provide accurate information to the society and the banks as well as supporting regulators and policy makers in supervision of financial markets.
Our data supports many different business processes such as sales, marketing as well as financial processes. Our data detect fraudulent financial activities and we help consumers gain a clear picture of their financial situation, for example via our consumer services on omatieto.fi and minuc.se.

Examples of 11 innovations connected to a sustainable economy during the latest century

Our ambition is to be proactive and predict what kind of services businesses and society might need, in strong connection with how new financial challenges appear in the society.

  • Between 1940s and 1960s there was a period of controlled economy. Between 1960s and 1980s we had a period in the society when people began to live on credit. In 1972 the government in Finland appointed a Data System Committee to handle data protection issues. In Sweden, our affiliated company, UC, was established in 1973 and the very first credit report in Sweden were send out by UC in April 1977. ​The purpose with the credit report was to support the financial system and decrease over indebtedness in the society.
  • In 1980s the words consumer feast and casino economy were euphemisms for the upswing. As a result of the liberation of the money market people learned to take loans and use credit cards offering long repayment plans. In 1987, the Personal Data File Act brought a new kind of transparency to the credit information business. Our information became more important than ever.
  • In early 1990s fraudulent behavior in the society was growing in the Swedish market. We felt that we could counteract on this and early in the 90’s launched UC Håll Koll especially for small companies helping them avoiding external fraudulent behavior. In Sweden, we have had the Positive Credit Register since 1990. ​In the Finnish market we launched the Rating Alfa Credit in 1999.

  • In 2007 TheCredit Data Act came into force. A few years later we could see that the financial fraudulent activities had reached consumers. As a result, we launched UC ID-Protection service for consumers in Sweden in 2010. In Finland we launched this service in the beginning of 2020.

  • 2010 it became apparent that many young adults not had enough knowledge about private economy. So in 2010 we started our educational concept for young people to manage their personal finances, called TarkkaFyrkka in Finland. In the Swedish market a similar concept was established in 2017, The Bill.
  • In Finland, we have had the Positive Credit Sharing in Finland since 2013​.
  • Also, we then realized that fraud became a problem for larger companies and banks, especially when giving loans to smaller companies, and it was difficult for them to know if the company could be trusted or not.  So in order to help in this we launched UC Detekt in 2016, a service that helps lenders to feel secure that their loans are given to trustful companies.
  • Environmental issues have been high on the agenda for many during the latest decade, we therefore saw an opportunity to power the society with intelligence also when it comes to environmental data. Therefore, we launched The world’s first ESG Report on non-listed companies in 2017​.

  • The new GDPR regulation in May 2018 created a need from smaller companies to get help with obtaining correct customer data registers and for data protection. Therefore, we innovated a GDPR Service in 2018, which was launched on the Swedish market in the end of 2019.

  • The Score Consumer Loan credit rating (Risk Blanco) launched in the Swedish market in 2018 became popular among consumer creditors. It is a credit rating system for unsecured consumer loans that assesses the risk level of credit applicants by collecting data from several sources. The rating helps lenders evaluate a customer’s risk level in order to determine the interest rate to be offered.

  • In 2019 we incorporated sustainability into our innovative services and solutions, for example when we launched our Account Insight (our PSD2-service). Both UC Risk Blanco and Account Insight improve the quality of credit decisions and support responsible lending in the society.

As you can see we develop new services all the time – and we follow needs in the society and proactively develop products and services that can contribute to a more sustainable economy in the society. Do you have an idea on any innovation you would like us to develop? We would like to hear from you!

Victoria Preger

Victoria Preger

Director, Marketing & Communications

Victoria loves communication and has been working within journalism, marketing, PR and communication since 1999. In her spare time she loves to be outdoor in the nature and to spend time in the holiday house in Åland. Here she writes about sustainability, our role in the society, customers experience, customer cases and new services.

Other posts by Victoria Preger